Iran-Turkey trade turnover decreases by 41 percent

Business Materials 1 October 2013 11:16 (UTC +04:00)

Azerbaijan, Baku, Oct. 1 / Trend, N. Umid

Iran-Turkey trade turnover has reached some $10.357 billion during first 8 months of the current year, Iranian Tasnim news portal reported.

Meanwhile the figure in the same period of the last year was $17.527 billion, which indicates a fall by 41 percent.

Iran has imported about $3.133 billion worth of goods from Turkey during the period which indicates a decrease by 63 percent compared to the same period of last year, the report said.

According to the report, Iran has exported $7.224 billion worth of goods to Turkey during first 8 months of the current year, which indicates a decrease by 19 percent.

Iranian deputy trade minister Hamid Safdel said on March that Tehran and Ankara have potential to increase the volume of trade turnover.

In an interview with the Turkish newspaper Dunya, he referred to the current level of bilateral trade, which amounts to $20 billion, as "insignificant", and added that a preferential trade agreement will be signed in the current year between the two neighbors. He also pointed to the establishment of 2,300 Iranian companies in Turkey.

Oil, gas, and petrochemicals account for a lion's share of Iran's export to Turkey.

In December, 2012 Iran's Ambassador to Turkey Bahman Hosseinpour said that the trade volume between Tehran and Ankara can potentially increase fivefold - to as high as $100 billion a year.

The Iranian ambassador added that ample investment opportunities await Turkish investors in Iran.

The volume of the trade between Iran and Turkey exceeded $16 billion in 2011. The two countries plan to increase the level of their bilateral trade volume to $30 billion by 2015.